Qatar is a growing and vibrant Middle Eastern playground, offering huge financial incentives for expats looking to further their careers and earn a tax-free income in a climate which is warm all-year-round.
The Gulf State has emerged from the shadows in light of the award of the FIFA World Cup 2022, and the widely acknowledged fact that it is now officially the richest country in the whole world according to every single poll out there.
For Qatar, the future looks positive, and the fact that employment opportunities within various sectors are readily available means that expats are encouraged, and the economy will continue to grow.
Why Look at QROPS When I’m in Qatar?
Nobody realistically plans to retire in Qatar. The lifestyle, despite being enriching and a million miles away from the grey days of the UK, is not what most would deem retirement-friendly.
But for those residing here currently who hold defined benefit schemes from the UK – specifically teachers, construction, gas and oil employees – have only until April 2015 to select the best jurisdiction available for their retirement funds.
Most are deciding that this is not the UK anymore due to the constantly shifting rules and regulations, the deficit the market currently sits in, and the restrictive nature of the latest legislation which will lock defined benefit schemes into the UK forever.
While in Qatar, you can transfer your UK scheme into one based overseas with favourable tax regulations, thus complementing the tax-free potential of the Middle East.
Which Jurisdiction is Right?
Popular jurisdictions for those in Qatar currently are Malta, the Isle of Man and Gibraltar. These schemes offer flexibility and tax-efficiency regardless of your preferred destination for retirement.
There are not currently any QROPS Providers operating schemes out of Qatar, but financial consultancies operating under the regulation of the Qatar Central Bank (not from the Qatar Financial District due to non-compliance) are able to offer advice to select which jurisdiction would be most appropriate for your circumstances.
A typical QROPS will offer:
Up to 25% tax-free lump sum upon retirement
No Inheritance Tax
Extended choice of investment options
Choice of currency
Flexibility on contributions
Added stability and security
Potential for early retirement
If you live in Qatar and wish to discuss the possibility of moving your pension away from the UK with a trusted pension provider, click the tab at the top of the page.